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Opinion on policy selection

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22 Jul, 2021 by  Rushabh Doshi

Currently, I have Oriental Family Floater - Silver policy. Father (55), Mother (50), Me (23), Sister (22) are included in 4L cover. We are insured by this policy for the past 10 years. Father has diabetes (hba1c-10) for the past 4 years. I was thinking of porting to max bupa reassure but I just got to know that applications are rejected if hbac>8.5.

What is suggested -

a) Continue father's policy with Oriental and port for 3 of us to max bupa and get some new diabetes special insurance for dad

b) upgrade oriental policy for dad and get port for 3 of us to max bupa

c) Get an individual policy for everyone

d) Something else?

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Health Insurance
Parents-Health-Insurance
Opinion

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23 Jul, 2021

Dear Rushabh,


I advise as follows -


1) Keep your father with Oriental Insurance. It is unlikely that he will be accepted by another Insurer in a regular health insurance plan. Enhance his Sum Insured with Oriental & try to shift him to Gold plan of Oriental Happy family floater. I understand that Silver variant has room rent limitations.


2) Consider a diabetes plan only if you are not able to execute point 1. A diabetes plan may not be needed if you manage to enhance your father's Sum Insured to about 10 lacs and upgrade him to Gold plan. The major benefit of Diabetes plans is they cover diabetes related ailments with 0 to 1 yr waiting period. In your father's case this has no significance as the Oriental plan is 10 yrs old and covers everything now (except permanent exclusions).


3) You should definitely buy an individual plan now.


4) Your mother & sister can buy a family floater. Once your sister gets married, she can spin out of this plan and your mother can continue to renew this as an individual policy.


No financial advice is sacrosanct. Feel free to bounce it off others. Revert if you have any questions.


Best Wishes,


Asad Akbar

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23 Jul, 2021

Hi Rushabh,


Good question. Option b should work. Some finer intricacies Asad has suggested in his post. Those are very valuable inputs in terms of plan selection.


If you are considering ReAssure plan, also look at the Safeguard addon with it. That makes it a wholesome plan.

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24 Jul, 2021
Rushabh Doshi

Thanks a lot, Asad and Anuj. The pieces of advice helped a lot to make a decision :)

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